Multifamily developer Related Group’s market-rate rental arm is expanding into the Carolinas, with a focus on high-growth markets such as Charlotte and Raleigh, North Carolina, and Charleston, South Carolina.
To support the planned growth, the Miami-based developer will open a regional office in Charlotte, adding to its existing satellite locations in Atlanta; Dallas; Denver; Orlando, Florida; and Phoenix.
According to Steve Patterson, CEO and president of Related’s market-rate division, this expansion into the Carolinas will move the developer into its next stage of growth. Related is ranked No. 6 on the National Multifamily Housing Council’s 2021 Top 25 Developers list, with a development portfolio of more than 5,000 units. Its ongoing national expansion started in 2015 with developments in Central Florida and now has gone beyond the Southeast in nearly 10 states and more than 20 cities. By 2022, it anticipates its developments in the Carolinas, Georgia, the Rocky Mountains, Tennessee, Texas, and Virginia will account for over half its footprint.
“Related’s decision to move into the Carolinas was driven by the prospects for the region’s projected working-age population growth, fueled by its quality of life, financial and STEM jobs, and high-quality educational and research infrastructure,” said Patterson.
The new Carolinas regional office will be run by Related vice president Charlie Humphreys, who will report to Ed Allen, the Mid-Atlantic senior vice president who leads the Atlanta offices.
The developer is moving forward with its first luxury apartment community in the region. Slated to break ground in early 2022, Town Drive Apartments will be a garden-style walk-up community with 384 units in Raleigh. The development will be part of Related’s “Town” sub-brand and is anticipated to “exceed expectations of the growing renter-by-choice segment,” according to the developer.
“Continuing our efforts to expand beyond our home state, we are excited to introduce the Carolinas to the state-of-the-art design, resort-style amenities, and museum-quality art that has defined Related for more than 40 years,” said Humphreys. “Each of our jobs is hand-designed to complement the surrounding area’s personality while setting a new bar for rental living—Town Drive Apartments is no different.”
